MINISTER of State for Petroleum Resources, Mr. Timipre Sylva, said, yesterday, that the passage of the Petroleum Industry Bill, PIB, would unlock several midstream gas opportunities and enhance domestic gas utilisation.
Sylva spoke at the ongoing 12th Nigerian Gas Association, NGA, International Conference 2021, in Lagos.
He said the Federal Government was ready to collaborate with all stakeholders to initiate national activities that would make Nigeria actualise its declaration of 2021-2030 as the ‘Decade of Gas Development’.
The theme of the conference is: “Powering Forward: Enabling Nigeria’s Industrialisation via Gas.”
Sylva, represented by his Technical Adviser, Gas Business and Policy Implementation, Mr. Justice Derefaka said that Nigeria’s over 200TCF proven reserves of natural gas must be utilised for economic growth and development.
He said: “Our efforts will continue to focus on gas to transmute Nigeria from the conventional dependence on white products to a cleaner, more available, accessible, acceptable and affordable energy use in gas.
“This will not only cushion the effects of current deregulation but also create enormous job opportunities for Nigerians.
“For this reason, we are proposing grand-fathering in the new PIB.
“The proposed PIB now before the National Assembly, when passed will also unlock several midstream gas opportunities to further enhance domestic gas utilisation
“The revised PIB framework is based on core principles of clarity, dynamism, neutrality, open access and fiscal rules of general application.”
Besides, the Minister said: “As a government, we are pursuing programmes to grow our gas economies through the development of industrial and transport gas markets, in juxtaposition with gas-to-power initiatives,” he added.